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Dodd-Frank Final Rules Discussions
TRID - TILA/RESPA Integrated Disclosures Rule
Rate Lock Fee
Thread Options
#2114494
-
01/18/17
01:24 PM
Rate Lock Fee
Shih_Tzu_Lvr
Member
Joined:
Nov 2011
Posts: 86
How do you show the rate lock fee on the LE?
We refund the rate lock fee so I assume that is shown as a lender credit on the CD?
Its really a deposit that is refunded.
Please advise.
Lori
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TRID - TILA/RESPA Integrated Disclosures Rule
#2114499
-
01/18/17
01:54 PM
Re: Rate Lock Fee
Shih_Tzu_Lvr
rlcarey
10K Club
Joined:
Jul 2001
Posts: 83,368
Galveston, TX
It would be shown on the LE in Section A and then shown as paid by lender in Section A on the CD.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com
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#2114537
-
01/18/17
02:56 PM
Re: Rate Lock Fee
Shih_Tzu_Lvr
Shih_Tzu_Lvr
Member
Joined:
Nov 2011
Posts: 86
Why does it show as POC lender instead of a lender credit?
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#2114539
-
01/18/17
02:57 PM
Re: Rate Lock Fee
Shih_Tzu_Lvr
Shih_Tzu_Lvr
Member
Joined:
Nov 2011
Posts: 86
The thing is ~ nothing was ever paid by the lender. Its collected as a deposit and returned (its to off set any potential non delivery fee's).
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#2114541
-
01/18/17
03:04 PM
Re: Rate Lock Fee
Shih_Tzu_Lvr
rlcarey
10K Club
Joined:
Jul 2001
Posts: 83,368
Galveston, TX
Because you collected the fee and then returned it. It is a specific lender credit for that fee that was already paid.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com
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